Terraform Labs accuses Citadel Securities of intentional actions causing its stablecoin to crash in 2022, prompting a legal battle.
Terraform Labs claims market destabilization wasn’t due to a technical issue but orchestrated efforts to short the stablecoin.
Terraform Labs, steered by founder Do Kwon, thrusts a bold accusation against the formidable Citadel Securities in a remarkable twist of financial and legal dynamics. The lawsuit aims at unmasking alleged malevolent trading actions during a significant financial event in May 2022. The event in focus involves TerraUSD Classic (USTC), Terraform Labs’ stablecoin, experiencing a drastic plunge from its $1 peg to $0.02.
Terraform Labs has not hesitated in its legal pursuits, filing a motion in the United States District Court in the Southern District of Florida, adamant about compelling Citadel Securities to disclose pivotal documents. These documents, related to trading actions during the significant depreciation of USTC, are param

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